{"id":10126,"date":"2022-06-17T23:56:00","date_gmt":"2022-06-17T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=10126"},"modified":"2025-10-09T10:31:16","modified_gmt":"2025-10-09T02:31:16","slug":"wells-fargo","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/","title":{"rendered":"Wells Fargo, a major holding once praised by Buffett and Munger"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Company_profile\" >Company profile<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Carl_Reicharts_contribution\" >Carl Reichart&#8217;s contribution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Buffett_approves_of_Wells_Fargos_California_bet\" >Buffett approves of Wells Fargo&#8217;s California bet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Prove_Buffetts_outlook_right\" >Prove Buffett&#8217;s outlook right<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Wells_Fargo_goes_downhill_with_Leicesters_retirement\" >Wells Fargo goes downhill with Leicester&#8217;s retirement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Business_and_stock_performance\" >Business and stock performance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Main_business\" >Main business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#2021_financial_performance\" >2021 financial performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Market_valuation\" >Market valuation<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Past_reputation\" >Past reputation<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Christmas_tree_case\" >Christmas tree case<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Largest_fine_ever\" >Largest fine ever<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#The_fake_account\" >The fake account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Reputation_is_priceless\" >Reputation is priceless<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/17\/wells-fargo\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_profile\"><\/span>Company profile<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Berkshire Hathaway (NYSE: BRK.A and BRK.B) started buying Wells Fargo stock in 1990, a story worth mentioning.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Carl_Reicharts_contribution\"><\/span>Carl Reichart&#8217;s contribution<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Wells Fargo&#8217;s former chairman Carl. Leicester (Carl Reichart), known for his ability to cut costs in a profligate industry. That fact alone ensures Wells Fargo&#8217;s long-term profitability outperforms most banks. The California stronghold, however, is puzzling because the U.S. economy was entering a recession at the time, and California, which has been one of the biggest beneficiaries of the forward boom, is likely to suffer more than much of the rest of the country.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buffett_approves_of_Wells_Fargos_California_bet\"><\/span>Buffett approves of Wells Fargo&#8217;s California bet<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In Berkshire&#8217;s 1990 annual report, Wells Fargo was Berkshire&#8217;s sixth-largest holding at the time, and Buffett also considered these issues. The first risk he mentioned was the California earthquake. The more pressing concern, he said, was an economic contraction or financial panic that would all but jeopardize newly highly leveraged institutions, no matter how well-managed they were.<\/p>\n\n\n\n<p>The last concern he mentions is very close to reality, and that is the collapse of real estate values and mortgages. In California, in particular, he said, &#8220;Many people think Wells Fargo is very vulnerable.&#8221; He goes on to point out that losses on such highly leveraged (mostly real estate mortgages) could wipe out 1991 gains, which is not necessarily the case. It&#8217;s not impossible, but he said the odds are low, and even if it did happen, he wouldn&#8217;t be upset. Because very few other companies at the time could earn 20% from an ever-increasing stake.<\/p>\n\n\n\n<p>Most banks will &#8220;early recognize&#8221; all bad debts. Wells Fargo did the same, and as a result, earnings disappeared and, even more frustratingly, dividends cut. After the Persian Gulf War, shares rose over $100 in early 1991, but later fell to $57 in mid-1992. The return on equity for that year was only 14%, not 20%. Even so, the banking sector is clearly in recovery mode, with dividends recovering quickly, but at lower levels than in the past.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prove_Buffetts_outlook_right\"><\/span>Prove Buffett&#8217;s outlook right<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>But Buffett&#8217;s outlook is more accurate, and the long-term outlook is more important. Returns on shareholders&#8217; equity after 1994 have returned to 15% to 20%. The California stronghold was always at a disadvantage in the 1990s, but had a big advantage in the late 1990s because there were fewer competitors, at least no local competitors, because Bank of America (ticker: BAC ) was not doing well at the time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Wells_Fargo_goes_downhill_with_Leicesters_retirement\"><\/span>Wells Fargo goes downhill with Leicester&#8217;s retirement<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Carl. After Lester retired, Wells Fargo was ambitious in 1996, spending too much on the acquisition of California&#8217;s First Interstate. In 1998, Minneapolis-based Norwest Corporation acquired Wells Fargo, and the combined company was renamed Wells Fargo Group.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Business_and_stock_performance\"><\/span>Business and stock performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Main_business\"><\/span>Main business<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The revenue performance of each segment in 2021 is as follows:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Segment<\/td><td>Number ($ million)<\/td><\/tr><tr><td>Consumer banking and landing<\/td><td>34,877<\/td><\/tr><tr><td>Commercial banking<\/td><td>8,549<\/td><\/tr><tr><td>Corp and Investment banking<\/td><td>13,839<\/td><\/tr><tr><td>Wealth and investment management<\/td><td>14,346<\/td><\/tr><tr><td>Corporate<\/td><td>8,495<\/td><\/tr><tr><td>Reconciling items<\/td><td>1,614<\/td><\/tr><tr><td>Total revenue<\/td><td><strong>78,492<\/strong> +5.69%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"2021_financial_performance\"><\/span><strong>2021 financial performance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Item<\/td><td>Number ($ million)<\/td><\/tr><tr><td>Total revenue<\/td><td>78,492 +5.69%<\/td><\/tr><tr><td>Pre-tax pre-provision profit (PTPP)<\/td><td>24,661 +48.26%<\/td><\/tr><tr><td>Provision for credit losses<\/td><td>(4,155)<\/td><\/tr><tr><td>Net income<\/td><td>21,548 +538.08%<\/td><\/tr><tr><td>Market capitalization<\/td><td>186,441<\/td><\/tr><tr><td>Book value per common share<\/td><td>43.32<\/td><\/tr><tr><td>ROE<\/td><td>12%<\/td><\/tr><tr><td>ROA<\/td><td>1.11%<\/td><\/tr><tr><td>Loans<\/td><td>895,394<\/td><\/tr><tr><td>Assets<\/td><td>1,948,068<\/td><\/tr><tr><td>Deposits<\/td><td>1,482,479<\/td><\/tr><tr><td>Debt securities<\/td><td>537,531<\/td><\/tr><tr><td>Allowance for loan losses<\/td><td>12,490<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Market_valuation\"><\/span><strong>Market valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>2021<\/td><td>JPMorgan Chase<\/td><td>Bank of America<\/td><td>Wells Fargo<\/td><td>Citigroup&nbsp;<\/td><\/tr><tr><td>Market capitalization ($ billion)<\/td><td>361.68<\/td><td>299.15<\/td><td>167.88<\/td><td>98.82<\/td><\/tr><tr><td>Share price<\/td><td>123.03<\/td><td>37.13<\/td><td>44.16<\/td><td>50.1<\/td><\/tr><tr><td>P\/E<\/td><td>9.13<\/td><td>10.58<\/td><td>9.18<\/td><td>5.91<\/td><\/tr><tr><td>Dividend yield<\/td><td>3.25%<\/td><td>2.26%<\/td><td>2.26%<\/td><td>4.07%<\/td><\/tr><tr><td>Total asset ($ billion)<\/td><td>3,743.567<\/td><td>3,169.495<\/td><td>1,948.068<\/td><td>2,291.413<\/td><\/tr><tr><td>ROA<\/td><td>1.3%<\/td><td>0.9%<\/td><td>0.9%<\/td><td>0.9%<\/td><\/tr><tr><td>ROE<\/td><td>19%<\/td><td>11.6%<\/td><td>10.4%<\/td><td>11.9%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Past_reputation\"><\/span>Past reputation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Christmas_tree_case\"><\/span>Christmas tree case<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>I mentioned it 2-3 at the end of my book &#8220;The Rules of Super Growth Stocks Investing&#8221;, Carl. Munger praised Lester for asking the CEO to pay for the Christmas tree, and Berkshire increased his stake in Wells Fargo for it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Largest_fine_ever\"><\/span>Largest fine ever<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In December 2022, the Consumer Financial Protection Bureau (CFPB) slapped Wells Fargo with the largest penalty ever imposed in the U.S. as part of the regulator&#8217;s $3.7 billion settlement with Wells Fargo over a wide-ranging of auto loans, mortgages and bank accounts are mismanaged.<\/p>\n\n\n\n<p>The regulator said in a statement that it ordered the bank to pay a $1.7 billion civil penalty and an additional $2 billion to remediate more than 16 million customer accounts affected by the breach.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_fake_account\"><\/span>The fake account <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>I blog &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/22\/misappropriating-funds\/\" target=\"_blank\" rel=\"noreferrer noopener\">How serious is the problem of misappropriating client funds in Taiwan?<\/a>&#8221; also mentioned that the fake account incident of Wells Fargo is the main reason why Buffett&#8217;s Berkshire has cleared the fourth-largest holdings that have been publicly announced this year.<\/p>\n\n\n\n<p>Why did Buffett make the decision to dump all his holdings? Because he said, &#8220;<a href=\"https:\/\/www.cnbc.com\/2017\/08\/30\/warren-buffett-on-wells-fargo-theres-never-just-one-cockroach-in-the-kitchen.html#:~:text=Buffett%20Watch-,Warren%20Buffett%20on%20Wells%20Fargo%3A%20&#039;There&#039;s%20never%20just,one%20cockroach%20in%20the%20kitchen&#039;&amp;text=Buffett%20says%20when%20one%20puts,looking%20around%2C%E2%80%9D%20he%20says.\" target=\"_blank\" rel=\"noreferrer noopener\">When you start looking around, there&#8217;s never just one cockroach in the kitchen<\/a>.&#8221;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"168\" height=\"104\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/09\/w.jpg\" alt=\"Wells Fargo\" class=\"wp-image-13453\"\/><figcaption class=\"wp-element-caption\">credit: wikimedia<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reputation_is_priceless\"><\/span>Reputation is priceless<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This is what Warren Buffett said, &#8220;<a href=\"https:\/\/www.inc.com\/marcel-schwantes\/warren-buffett-says-you-can-ruin-your-life-in-5-minutes-by-making-1-critical-mistake.html\" target=\"_blank\" rel=\"noreferrer noopener\">It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you&#8217;ll do things differently.<\/a>&#8221; good picture.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/08\/20\/fannie-mae-and-freddie-mac\/\">Fannie Mae and Freddie Mac high possibility to relist soon<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/10\/06\/companies-us-has-stake\/\">Companies US has stake, and their stock performance<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/05\/08\/invest-in-us-stocks\/\">How to invest in US stocks? sub-brokerage, and fintech<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/08\/14\/too-big-to-fall\/\">&#8220;Too Big To Fall&#8221;-best to know 2008 financial crisis<\/a>&#8220;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/06\/22\/inside-job\/\">&#8220;Inside Job&#8221;<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/28\/the-big-short\/\">The Big Short<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/18\/banking-investment\/\">How is banking investment different from other industries? <\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/06\/02\/silicon-valley-bank\/\" target=\"_blank\" rel=\"noreferrer noopener\">How did Silicon Valley Bank collapse? 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How it makes money and its advantages?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/09\/03\/snowflake-its-value\/\" target=\"_blank\" rel=\"noreferrer noopener\">What company is Snowflake owned by Buffett? Where is its value?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/23\/snowflakes-competitiveness\/\">Deep dive on Snowflake&#8217;s competitiveness<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/12\/14\/buffett-hold-for-long-haul\/\" target=\"_blank\" rel=\"noreferrer noopener\">Is Buffett no longer hold for long haul? TSMC, HP, and US Bancorp cases study<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/30\/whats-the-credit-card-difference-among-american-express-visa-and-mastercard-at-least-8-differences\/\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/30\/credit-card-difference\/\">What&#8217;s the credit card difference among American Express, Visa and MasterCard ? at least 8 differences<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/12\/american-express\/\">American Express, one of the best investments of Buffett&#8217;s career<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Wells Fargo, a major holding once praised by Buffett and Munger, Company profile, Berkshire Hathaway (NYSE: BRK.A and BRK.B) started buying Wells Fargo stock in 1990, a story worth mentioning.<\/p>\n","protected":false},"author":1,"featured_media":13453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[469,193,221,222,15,106,105,544,206,80,468,192,60,28,11,34],"tags":[370],"class_list":["post-10126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank","category-accounting-fraud","category-board-of-directors","category-ceo","category-charlie-munger","category-consumer-banking","category-corp-banking","category-investment-banks","category-management-team","category-portfolio-management","category-real-estate-industry","category-regulation","category-scandal","category-us-stock-market","category-buffett","category-wealth-management","tag-wfc"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/10126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=10126"}],"version-history":[{"count":30,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/10126\/revisions"}],"predecessor-version":[{"id":39290,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/10126\/revisions\/39290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/13453"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=10126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=10126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=10126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}